For 2014, the State of Michigan has enacted new personal property legislation. This new legislation includes a personal property exemption for many small businesses. Please review the attached exemption affidavit and forward it to your personal property tax preparer.
To qualify for the exemption, certain criteria must be met. The company claiming the exemption must have personal property valued less than $80,000 of true cash value, owned by, leased to, or in the possession of, the owner as of 12/31/2013. Furthermore, the attached exemption affidavit MUST be received by the local assessor by February 10, 2014.
If you have any questions regarding this exemption, please contact the Ann Arbor Township Assessor’s Office at (734) 663-8540. Please note any individual who fraudulently claims an exemption is guilty of a misdemeanor punishable by not less than 30 days and not more than 6 months in jail and a fine of not less than $500 or not more than $2,500 or both.
Additional copies of the exemption form are available at the Michigan Department of Treasury’s website. Again, if you have any questions regarding this upcoming change for 2014, please contact the Ann Arbor Township Assessor’s Office at (734) 663-8540.